The Nigerian naira regained ground, appreciated against the dollar closing at N837.77/$1 at the official market on Monday, 4th December 2023.
The positive trajectory aligns with expectations among experts, who anticipated that the Central Bank of Nigeria’s (CBN) recent initiative to clear a portion of its FX backlog would boost confidence in the currency.
The domestic currency appreciated 10.67% to close at N837.77 to a dollar at the close of business on Monday, data from the NAFEM where forex is officially traded, showed.
This represents an N89.42 gain or a 10.67% increase in the local currency compared to the 927.19 it closed on Friday.
The intraday high recorded was N1021/$1, while the intraday low was N701/$1, representing a wide spread of N320/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $73.94 million, representing a 32.87% growth compared to the previous day.
However, the naira closed flat at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1165/$1 same as what was closed on Friday, while peer-to-peer traders quoted around N1161.55/$1.
